How to jumpstart the Eurozone economy

Francesco Giavazzi, Guido Tabellini, 21 August 2014

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Topics: Europe's nations and regions, Macroeconomic policy
Tags: aggregate demand, ECB, Eurozone economy, fiscal policy, monetary policy, public debt, quantitative easing, stagnation

Identifying and quantifying monetary policy transmission through bank balance sheets

Kaoru Hosono, Daisuke Miyakawa, 9 August 2014

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How does monetary policy affect firm activities? While there is long-standing literature on this issue, the transmission mechanism of monetary policy is currently attracting renewed attention.

Topics: Financial markets, Global crisis, Monetary policy
Tags: balance sheets, bank lending channel, credit easing, financial accelerator, global crisis, Japan, monetary policy, quantitative easing, unconventional monetary policy

What are the macroeconomic effects of asset purchases?

Martin Weale, Tomasz Wieladek, 10 June 2014

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After policy rates fell close to zero in response to the global financial crisis of 2008-09, the scope for further conventional monetary policy easing was exhausted. As a result, both the Bank of England and the Federal Reserve embarked on large-scale asset purchases of government and financial securities (see Figures 1 and 2).

Topics: Monetary policy
Tags: Bank of England, Federal Reserve, inflation, output, Phillips curve, quantitative easing, unconventional monetary policy

ECB: An appropriate monetary policy

Mickey Levy, 16 May 2014

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Europe’s modest economic recovery and uncomfortably low inflation put the ECB in a bind. Although economic conditions are improving gradually (European Commission 2014), concerns about the potentially negative impacts of deflation persist (Armstrong et al. 2014).

Topics: Monetary policy
Tags: bank lending, ECB, eurozone, monetary policy, quantitative easing

Considering QE, Mario? Buy US bonds, not Eurobonds

Jeffrey Frankel, 24 March 2014

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The ECB should further ease monetary policy. Inflation at 0.8% across the Eurozone is below the target of ‘close to 2%’, and unemployment in most countries is still high. Under the current conditions, it is hard for the periphery countries to bring their costs the rest of the way back down to internationally competitive levels as they need to do.

Topics: Macroeconomic policy, Monetary policy
Tags: ECB, euro, quantitative easing

Clarifying the debate about deflation concerns

Mickey Levy, 21 February 2014

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A common theme among many economic policymakers, financial market participants, and the media is that rich industrialised nations face a high risk of deflation, and that deflation always harms economic performance and so must be combatted with aggressive macroeconomic stimulus. Such broad assessments are misleading, and under certain circumstances may lead to misguided policies.

Topics: Global crisis, Monetary policy
Tags: deflation, disinflation, Europe, eurozone, Japan, quantitative easing, US

Unconventional monetary policy normalisation and emerging-market capital flows

Andrew Burns, Mizuho Kida, Jamus Lim, Sanket Mohapatra, Marc Stocker, 21 January 2014

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Quantitative easing (QE), which started in 2008, swelled the Federal Reserve’s balance sheet to an unprecedented $3.4 trillion. In May 2013, the Fed announced that it would evaluate the possibility of a reversal of its unconventional monetary policies – QE in particular .

Topics: Financial markets, International finance, Monetary policy
Tags: Federal Reserve, quantitative easing, tapering, unconventional monetary policy

Unconventional monetary policies revisited (Part II)

Biagio Bossone, 5 October 2013

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Unconventional monetary policies: From quantitative easing to debt monetisation

Topics: Macroeconomic policy, Monetary policy
Tags: central-bank independence, forward guidance, helicopter money, monetary policy, quantitative easing

The impact on the financial sector of long-term low nominal interest rates

Viral Acharya, Richard Portes, Richard Reid, 3 July 2013

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The Centre for Economic Policy Research (CEPR) recently organised a conference at the Brewers’ Hall, London, on 10 June 2013 titled ‘A long-term environment of low nominal interest rates: what are the consequences for the financial sector’?

Topics: Monetary policy
Tags: Eurozone crisis, liquidity trap, quantitative easing, Vox Views, zero lower bound

Exit strategies: Time to think ahead

Charles Wyplosz, 14 October 2013

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Update

Topics: Monetary policy
Tags: Eurozone crisis, liquidity trap, quantitative easing, Vox Views, zero lower bound

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